Penny prices pinched by rising cost of metal
A penny, which consists of 97.5 percent zinc and 2.5 percent copper, cost 1.26 cents to make as of Tuesday. And a nickel — 75 percent copper and the rest nickel — cost 7.7 cents, based on current commodity prices, according to the Mint.
-
-
-
-
- remixx
- 8 days ago
-
Wow! America is hemorrhaging money all over the place.
-
I really need to start melting down my change to make free money.
-
-
-
-
- BenDorries
- 8 days ago
-
-
How ironic. So much for the saying "See a penny, pick it up. Then all day you'll have good luck". It's more like "See a penny...Then realize your country is experiencing another nationwide depression" ...Too bad I can't find a better way to make that rhyme.
-
-
-
-
- MissJonaLyn
- 8 days ago
-
-
If you take your change to the recycling center make sure they pay you in Euros!
-
We're still making pennies? Why?
-
@huntre
because unfortunately, not everyone has cards. -
it's a conspiracy - retailers want to be able to say something costs $9.99 as opposed to $10.00 - and it works - when a penny can move the price of something into another set of digits it makes a huge difference . eliminating the penny screams "recession" . really , so far as the collective psyche is concerned , when you're getting pennies back in change for a purchase you subconsciously feel like you're getting a good deal - you're getting back money in excess of what you even want - you don't even want pennies , but you're gonna have a few in your pocket anyhow - it gives one the feeling of having "expendable wealth" , wealth one can feel confident about literally throwing away , into a jar ,etc. - in short , the penny is all about psychology - and it is the psychology of perceived value which keeps the penny in circulation.
going further , when looking at a handful of change , the penny is both larger and heavier than a dime , and is a different color , and is easier to handle than a dime - the penny stands out . want to get rid of pennies ? make a dime the size of a penny , and keep it copper colored - it's a mind trick . ( random thoughts ...) -
very funny money.
-
I agree with most of what ipodrulz said, except for the fact that it's not because an object is 9.99 that retail has to use pennies it's because of tax. If the government were to get rid of pennies then they would ultimately have to abolish tax along with enacting laws to force retailers to charge for items only in multiples of .10. The problem is the solution, to which I have no answer which is kinda bumming me out. Oh well that's what we have freely elected officials to think about our problems for us.
-
That is why I collect them: I melt them and sell the metal.
-
-
-
-
- vertecouverture
- 8 days ago
-
-
its bad when it cost more to make our money than its face value is. this cannot be a good sign about our economy.
-
-
-
-
- codilla007
- 8 days ago
-
-
I would start saving the pennies I get, melting it down, and reselling it as zinc for profit but apparently it's illegal. Further goes to show you that you do not actually own the money you have, you are just loaning it from the Federal Reserve.
-
-
-
-
- lifestudentno83
- 8 days ago
-
-
EPIC FAIL @ goverment
-
when it is bad for our economy, it is good for our environment (less pollution).
10$ banknote costs maximum 1$ . So dont worry-
-
-
-
- vertecouverture
- 8 days ago
-
-
Another reason why the Federal Reserve is made of complete fail.
Can we go back to gold standard now? Pretty please? -
North American Union already here. Beware! First the Euro then comes the Amero then it might be the Afro. A wee little pun but it is a real thing. Check it out.
-
Financial headlines scream everyday: stock markets are tanking, fear grips Wall Street, oil price breaks new records, the Fed bails out Bear Stearns, the housing market is in turmoil, layoffs soar, on and on it goes. Even government officials acknowledge that a recession has set in. None of this is a surprise to Ravi Batra, the best selling author of a new book called The New Golden Age: The Coming Revolution against Political Corruption and Economic Chaos. He predicted all this way in advance, offering his latest forecast in February last year to Texas Monthly: “When the American bubble starts to burst around mid 2007, and beyond, foreign investors will head for the exits…” Now that the American housing bubble is bursting at the seems, Batra’s biggest fear is that foreign investors will indeed head for the exits, and the already feeble dollar will collapse. Then we will see a rapid unraveling of our debt based economy, rising unemployment, bulging poverty, and big stock market crashes.
-
I think its about the penny goes in the proverbial melting pot. Just my 2.52 cents!
-
-
-
-
- joebrilliant
- 7 days ago
-
-
Stupid!
-
-
-
-
- ILiveonaClock
- 7 days ago
-
-
I think the penny should be abandoned, and costs should be rounded up/down to the nearest nickel. Tax could still be based on the exact amount, if necessary -- but why would it be necessary??? Calculating machines would have to be recalibrated, but that's not an insurmountable problem.
-
Its a sad day when we waste resources on something that most people just throw away.
I know when I'm vacuuming my floor I don't stop to pick up a penny. -
I was just thinking we should stop making pennys the other day when I found like 20of them when sweeping at work last night. I've always heard it cost more to make them than they are worth.
-
We don't need any more new pennies. In fact, here's an idea. Look around where you are and gather up all the pennies you've discarded. Call your friends to do likewise. Take them to the bank for sorting and send the total to somewhere where pennies go a long way to saving a life. They'll be serving a useful purpose.
Trust me. I've done it.
keep browsing
- Recommended
this space intentionally left blank
